Flood Insurance

Private Market Flood Insurance is underwritten through Lloyd’s of London and also through Lexington Insurance Company. These companies offer a less expensive flood insurance alternative to FEMA National Flood Insurance policies. Private Market Flood policies are just as borad and cover as much as the FEMA policies. Private Market Flood policies DO NOT require an elevation certificate. Private Market Flood policies purchased as part of a real estate closing or a loan transaction have no waiting period, otherwise these policies require a fourteen (14) day waiting period before coverage is effective. For comparison, FEMA policies not associated with a real estate or loan transaction require a thirty(30) day waiting period before coverage is effective.

Private Market Flood policies underwritten with Lexington Insurance Company now offer Rate Lock. Lexington policyholders can choose from one to three year polices and lock in current rates for multiple years to avoid annual rate increases.

Flood damage can happen to anyone, no matter where their home, apartment or business is located. You can buy flood insurance even if your property is not located in a flood plain. Flood insurance can be purchased to cover almost any building and its contents, including rental property and condominiums. Tenants can buy protection for their belongings as well. It is important to be aware that a standard homeowner’s or renter’s policy does not cover damages resulting from a flood. Also, there may be a 30-day waiting period for flood insurance policies to become effective, so don’t wait until it’s too late.

Floods are the nation’s #1 natural disaster.*

Anyone can be financially vulnerable to floods. People outside of high-risk areas file over 20% of NFIP (National Flood Insurance Program) claims and receive one-third of disaster assistance for flooding.*

In high-risk (SFHAs) areas, conservative estimates show that only one-third to one-half of residents have flood insurance. In these areas there is a 26% chance of flooding over a 30 year period, while there is about only a 10% chance for a fire.*

For a number of flood disasters in the past few years, only 10 to 20% of the victims in SFHAs had flood insurance coverage. The remaining 80 to 90% had to rely on taxpayer-funded Federal disaster assistance, low-interest loans, tax write-offs or savings to help them recover.*

*Information from floodsmart.gov

Flood insurance will protect you in two ways:

Building Coverage: Protects the insured property and its foundation, electrical system, plumbing, air, appliances, permanently attached carpet and other flooring and more.